UAE to wipe $227 million in loan interest fees for Emiratis
The UAE will also cancel $227m in interest on loans that Emirati retirees have taken out.
The move, which aims to raise living standards and consolidate family stability, was ordered by President Sheikh Mohamed bin Zayed Al Nahyan.
The new Defaulted Debts Settlement Fund, launched in partnership with the biggest banks in the UAE, has already pledged to assist 2,339 of citizens.
Banks will defer future interest and profit payments on loans, while beneficiaries continue with structured repayment schedules.
Eligible consumers are contacted directly by the participating financial institutions.
The Abu Dhabi Commercial Bank, ADCB, has settled $178 million worth of loan interest payments and First Abu Dhabi Bank removed charges of $41 million from loans.
Other banks implicated have explained:
Abu Dhabi Islamic Bank — $5 million
Emirates NBD Group & Emirates Islamic: $1.8 million each
Dubai Islamic Bank: $650,000
Commercial Bank of Dubai: $215,000
Sharjah Islamic Bank: $194,000
National Bank of Ras Al Khaimah: $154,000
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